§ 55. General reserve fund. 1. The town board of a suburban town may\nestablish a general reserve fund for the financing of all or part of the\ncost of town objects or purposes having periods of probable usefulness\nof at least five years pursuant to paragraph a of section 11.00 of the\nlocal finance law, other than objects or purposes for which a reserve\nfund may be established pursuant to section fifty-five-a or fifty-five-b\nof this chapter.\n 2. There may be paid into such fund:\n (a) Such an amount as may be provided therefor by budgetary\nappropriation or transfer or raised by tax therefor.\n (b) Such revenues as are not required by law to be paid into any other\nfund or account, including the proceeds from the sale of any capital\nimprovement or equipment owned by such town.\n 3. An expenditure may be made from the fund only by an authorization\nof the town board and only for a specific object or purpose having a\nperiod of probable usefulness of at least five years pursuant to\nparagraph a of section 11.00 of the local finance law. The authorization\nof such an expenditure shall be subject to a permissive referendum in\nthe manner provided by article seven of this chapter. No expenditure\nfrom the fund shall be authorized for that part of the cost of any\nobject or purpose which is to be borne by (a) assessments for benefit,\n(b) ad valorem taxes upon the real property within an area of benefit\nwithin the town, or, (c) ad valorem taxes upon the real property within\nan area of the town less than the entire area.\n 4. Nothing contained in this article shall be deemed to prevent the\ntemporary advance of the moneys in the fund pursuant to the provisions\nof section 165.10 of the local finance law.\n
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